Hamburg-based real estate investment manager, Union Investment, has acquired an under-construction logistics facility near Rotterdam in the Netherlands.
Financial details were not disclosed.
The vendor in the transaction was Dutch company Heembouw Group, which is developing the facility for the future tenant, Fource Logistics.
Located in the town of Berkel en Rodenrijs, the asset comprises 53,500 m2 and is due to be completed by the end of 2020.
It comprises 49,000 m2 of warehouse space, 2,300 m2 of mezzanine space and a further 2,300 m2 for offices. There are also 52 loading bays and 333 car parking spaces.
Union made the purchase on behalf of open-ended real estate fund Unilmmo: Global.
Union aims to at least double its current logistics holdings of around €1 bn in the coming years. It is targeting 12 European core markets for logistics investments, with this deal being the first in the new strategy.
Stephan Riechers, head of investment management logistics at Union, said: ‘The Benelux and Nordic countries are high on our priority list for European logistics investments, alongside the DACH region, as are important volume markets such as France and Spain. We already have a reputation in all these markets as a successful office investor.
‘The logistics region around Rotterdam, which includes the Oudeland commercial zone where the facility for Fource Logistics is being constructed, is undoubtedly one of the most important logistics locations in Europe and offers a very high level of investment security.’
Union Investment was advised on the transaction by 3stone Real Estate.